Nortel Networks Corp. on Monday said it placed two finance officers on paid leave of absence pending the completion of an independent review examining the circumstances leading to the restatement of financial results.
CFO Douglas Beatty, and controller, Michael Gollogly, have been placed on leave.
Last week, Nortel announced it needed to delay filing its annual financial statements with the Securities & Exchange Commission. The Canada-based telecom equipment maker said it is likely the company will need to revise its previously announced results for the 2003 fiscal year, and restate previously filed results for one or more earlier periods.
On an interim basis, Nortel has appointed William Kerr as CFO and MaryAnne Pahapill as controller. Kerr originally joined Nortel in 1994 as controller and left the company in 2001. Pahapill has worked for the company since 1999, most recently as assistant treasurer.
